The extended lockdown has increased worries in the lives of the common man. The already frustrated common man with job loss, business downpour, depleted savings with many mouths to feed, children’s education, paying rent, paying EMI’s, is becoming restless day by day wondering about his future financial stability & earnings. The pandemic Corona-virus drew an uncertain future, drawing additional fury lines on the foreheads of the common man already struggling with poverty & unemployment.

Though the government has announced various economic aids to support every sector of the economy, there still persists unrest among this common man. Recently the government announced a 20lack crore economic package in 5 different tranches to support the economy, which was equivalent to 10% of our country’s GDP. According to the Prime Minister the package focused on the 4 “L” i.e. the land, labor, liquidity and laws.

Liquidity i.e. injecting the money into the systems/economy is considered the next important concern after the supply of essential commodities to the people. The unrest in the common man is due to bewilderment in reaching and availing the liquidity.

Finance Minister Nirmala Sitharaman proclaimed – “The banks are asked to give term loans and working capital loans automatically to everybody without new or additional collateral— unless the customer says he doesn’t want it.” The move was especially driven to help the common man to tide over this crisis, particularly to overcome the problem of money liquidity.

A brief elaboration on the announced liquidity packages

I Announcement of collateral-free loans

• The Finance Minister in the first tranche of measures announced an Rs 3 lakh crore collateral-free automatic loan scheme with four-year tenure for MSMEs (Ministry of Micro, Small and Medium Enterprises). Rs 3 lakh crore emergency credit line will ensure that the MSMEs will have access to working capital to resume its business activity and to safeguard the jobs. The MSME definition was expanded to allow for higher investment limits (MSMEs with up to Rs 25 crore outstanding) and the introduction of turnover-based criteria (MSMEs with Rs 100 crore turnovers).
  The eligible MSMEs will get 100% credit on principal and interest along-with a 12-month moratorium on repayments. The last date for eligible MSMEs to apply for this scheme    will be till 31st October 2020.
  But then what about the rest smaller enterprises or the self-employed, professional, free-lancers, street vendors, who are also categorized into the business units/enterprises other than the eligible MSMEs above. For such business units the government has announced a subsidy under the MUDRA scheme.

• The government announced a 2% interest rate subsidy for prompt MUDRA-Shishu Loans payees for a period of 12 months to assist loan payees under the MUDRA scheme. The loan amount is provided for a time period of 5 years. With 2 % interest rates it will not be difficult for the loan applicants to repay the loan installments in the form of EMIs.
  MUDRA- Micro Units Development and Refinance Agency Ltd. is a Non-Banking Financial Company under The Pradhan Mantri Mudra Yojana (PMMY). It facilitates financing for the small and micro-enterprises that require loans. Mudra loans are designed to bring         enterprises into the formal financial system or to fund the unfunded. Maximum loan of upto 10 lakhs is provided under mudra loans. The MUDRA loans are divided into three categories- Shishu (covers loans up to Rs 50,000), Kishore (covers loans between Rs.50,000 to Rs.5,00,000) and Tarun (covers loans between Rs 5,00,000 and up to Rs.    10,00,000) to signify the stage of growth / development and funding needs of the       enterprise. These loans are given by Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs.

• The Indian farmers, fisherman and animal husbandry workers affected by the coronavirus lockdown are given the concessional credit through Kisan credit card. [Kisan credit card was introduced to provide loans to farmers at a low rate of interest (as low as 2% depending upon the prompt and timely repayment of the loan), maximum loan availed can be 3lacs and the validity period of the card is for 5 years. It offers credit to the farmers in two types, a) cash limit & b) term loan. Nearly about 25 lakh new Kisan Credit Cards have been sanctioned to help the affected farmers.]

II The relief  for salaried workers and taxpayers.

The relief for salaried workers and taxpayers is made available in the form of extended deadlines for income tax returns, rate cuts in TDS & TCS and the reduction in the PF payments. As per the announced relief the due dates for filing income tax returns for financial year 2019-2020 is pushed to 30th November 2020, while the rates of TDS (tax deducted at source) & TCS (tax collection at source) have been cut by 25% for the next year. The statutory PF (provident fund) payments for both the employers and employees have been reduced from 12% to 10% for the next 3 months and the government is contributing the entire 24% of PF contributions providing relief both to the employer as well as the employees. (The EPF deductions are also slashed for 3 months to 20% from 24% of the salary.) This relief will facilitate more take-home salary for employees and give relief to employers in payment of PF dues, resulting in ease in liquidity- provided the employers pass it on the benefits to the employees. The salaried can also withdraw the PF amount from his PF account equivalent to 3 months basic salary and DA or 75% of the PF credit balances in the account, whichever is lower to meet his immediate requirement of liquidity.

In the wake of India’s lockdown to curb corona-virus these emergency credit lines of collateral-free loans announced by the government will help to “resume business activity and to safeguard jobs”.

Interpretations:

Many salaried workers and self-employed are turning to banks to avail loans for their immediate liquidity for survival during the lockdown. The immediate funding loans such as personal loans and mortgage loans are the most popular forms for raising the funds among these classes of people. Owing to the high risk of non repayment of EMIs under the current no income scenario of the people, getting a personal loan becomes unfavorable and so opting for a mortgage loan to draw liquidity against the pledge of their secured assets/ properties has become the need for these people. We have countered a number of enquiries for mortgage loans on our portal https://www.loanfasttrack.com/mortgage-loan/apply-online-now.html.

But in the wake of lockdown, access to the mortgage loans has practically been shunned, resulting in a cause of distress, unrest and bafflement among many. The accounting reasons are: –

• Although the RBI has further reduced the repo rates additionally by 40bps on 22nd May 2020, the mortgage rates of the banks still stand high above 9.25%, while the home loan rate of interest stands low at 7.30%. Although purchasing a house is a dream of all but in the current scenario the immediate liquidity for survival is the priority and therefore along-with the home loan rates the mortgage rates also need to be subsidized.

• Although to start online processing of loans is the need of the hour for the banking industry, many banks have already started providing online sanctions in the form of provisional sanction letters, online registration and payment of stamp duty & franking charges but the disbursement of such loans is a matter of concern and therefore the liquidity in the hands of the common man will be available only after the lockdown opens. (private banks like ICICI, HDFC, Axis, etc. have initiated the online processing of loans)

• Getting collateral free MUDRA loans. Although the mudra loans are launched to provide loans to the needy self-employed businesses with no security or pledge, past instances have seen many banks insisting on having security pledge to avail the mudra facility.

Suggestions:

• With respect to liquidity (in the form of loans) reaching the ultimate hands of the needy, the banks must be encouraged to provide low interest rates loans to the needy.

• Banking guidelines/norms can be amended, to make needy qualify for loan eligibility. Say for instance sanctioning loan on cash income of the applicant, reducing the minimum payment requirement criteria for the loan applicant to lowest (ICICI bank has reduced the minimum salary required criteria to Rs.10, 000/- per month from Rs. 20,000/-), processing fees to be deducted from the loan amount instead paying upfront, repayment EMIs to start after a period of 6 months or more.

• And most important, finding an innovative way for online processing of loans by all public and private sector banks.

Note: The interpretations and suggestions is the personal opinion of the writer.

Read more how the pandemic affects the life of the common man on “The Corona Effect – What Does It Mean For A Common Man?”

If you are looking for any support in applying loans within Mumbai during this lockdown period, visit Loanfasttrack on https://www.loanfasttrack.com/. We will help you in online processing of your loan, with no additional costs. You can also contact us directly on 9321020476 or email us on info@loanfasttrack.com.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

“ChottaSa Ghar Hoga——Chhao Mein….” old melody from (Naukari 1954), silver lines the dream of every human being to own a house of his own. Though today the time and generation may have changed but what remains still common is the silver lining dream of every human being to purchase a house of his own. There are enough options for people when it comes to purchasing a house. They may either go for a resale property or a ready to move builder property or can opt for an under-construction property. Depending upon the needs, requirements and specifications one may choose among their priority for the type of home. Under construction houses these days are gaining more importance since the government launched schemes of affordable housing 2013 for the people. However, affordable houses will become more affordable if you make the right decision to choose the right lender for financing your house i.e. applying for a housing loan for under construction property. 

Home loan on under-construction property

In under-construction property home loans the builder is the direct beneficiary of the home loan amount sanctioned by the lender Bank / NBFC. 

It is often argued that an under construction project has enough space for appreciation in the price once the project is completed. People therefore tend to invest in an under-construction property over the intention of profitability. Additionally what blinds the buyer is the various gimmick schemes adopted by the builder, such as “Book now pay later”, “No EMI till possession”, “Book your house @ just 8% rate of interest”, etc. In financial terms these schemes are referred as subvention schemes. Under such schemes the builder or the developer of the project is liable to pay the “interest” on the principal loan amount to the lender Bank/NBFC until the property buyer receives the possession of his property. The scheme looks highly convenient for the buyers as they do not have to pay inflated EMIs on the home loan while already paying the rentals. It saves the pre-EMI interest cost of the buyer. Though the scheme looked lucrative for the property buyers it faced a major drawback as many builders failed to pay the interest to the Banks/NBFCs and therefore the subvention scheme got banned by RBI on 3rd September 2013. However later the schemes were re-launched with a slight twist of payment being linked to construction linked plans while still retaining its basic nature. 

The construction linked plans (of the builder) means paying the builder at every stage of the construction. It is currently the most popular payment plan for purchasing the property. When a home loan is taken for purchasing an under construction property with construction linked plans, the buyer has to pay only the interest component to the lender Bank/NBFC on the partial disbursed amount which is referred “PRE-EMI Interest” in the loan industry. Although this EMI may reduce the buyer’s financial burden but remember any delay in construction only means paying more interest. Secondly, it may be a sigh of relief for property investors looking only for making property investment (as they are paying less EMI for under-construction property) but for those buyers who are buying the property for self-occupation, paying rent and simultaneously paying the Pre-EMI till possession, increases nothing but the cost of their property. 

The most popular form of subvention schemes is 5:95, 10:90 and 20:80. However builder’s subvention schemes are mostly with those lender Banks/NBFCS that funds his project. The major benefit of this scheme is the maximum funding for the buyer, which means that the buyer as the loan applicant will get the maximum 95% loan in case of 5:95 schemes, 90% loan in 10.90 schemes and 80% loan in 20.80 schemes. At times few subvention schemes along with the benefit of maximum funding also come with the clause of minimum lock-in period.

There are namely two names that always emerge in the home loan industry when it comes to home loan on under-construction property: State Bank of India (SBI) and the Life Insurance Corporation (LIC). Both come up with tailored home loan products for under-construction houses. SBI’s RBFBG (Residential Builder Finance with Buyer Guarantee) scheme guarantees the principal refund of the loan amount to the loan borrower if a developer fails to complete the project (The scheme is currently available only in the cities of Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Hyderabad, Bengaluru, Pune, Kolkata, and Chennai.) and LIC’s LICHF (LIC Housing Finance) ‘Pay When You Stay’ scheme lends only for projects which are either approved or funded by them. As per this scheme the loan borrower will not pay the principal component of the home loan to LIC up-to 48 months when he buys an under-construction house. 

Piece of advice for loan seekers on under-construction property

Before applying for a home loan every buyer must factor in the cost, the quality, the location & the accessibility of the builder’s project and most importantly the builder’s reputation. The loan approval and the home loan interest rates largely depend on these factors.

1. Check if the project is among the approved list of the Bank/NBFC that you wish to apply for. It helps in the faster processing of the loan process. Secondly buying a property in banks approved projects signifies that the particular project has a clear marketable title. Therefore always look for the projects which have APF from maximum banks or from the top banks. 
   
2. Make a fair deal. Negotiate with the builder because the price quoted by builders is never a final deal. There is always a room for negotiation. The more the inflated prices of the builder the higher will be the property cost which means you will be applying for a higher loan amount and land-up paying higher EMI’s on that increased loan amount. Many times builders keep increasing rates at regular intervals to show artificial and inflated appreciation even if “No Sale” is happening. Do not let this builder’s gimmick influence you, always remember it is the market forces i.e. the demand & supply decides the prices of the properties. Therefore ensure that you know the market trends in and around that area, the price quotations of the nearby projects, etc. to be not fooled by the inflated prices of the builders.
   
3. Do not rely on the glossy brochures and the sugary words of the
   builder. At times the promised property at the time of booking may appear different on possession. Therefore ensure you park your money with the trustable builders. Banks have categorized builders into A, B & C. The best the builder’s category the higher are your chances for getting maximum funding, securing low interest rates & processing charges. 
   
4. At times builders may make some changes such as layout or in property space, which might not adhere legally with the approvals received for the project. Under such circumstances banks may not disburse your loan even if your loan is approved or sanctioned.
   
5. Choose your lender wisely. With the recent failures of the few NBFCs such as DHFL, Indiabulls, etc. who were most preferred b the borrowers for higher funding paid higher home loan interest rates and apparently got stuck up later with the higher interest rates mainly because: a) under-construction projects cannot be transferred until you receive the possession of the property. Possession letter is a must for the home loan balance transfers. b) Loan Balance transfers from the failed NBFCs namely DHFL and Indiabulls are not undertaken by the rest lenders providing housing loans. 
   
6. Before you finalize any property, the following are the things you must check with the builder to avoid future confronts:
   (a) The builder has all the necessary approvals along with the documents.
   (b) The builder is a registered builder. Check if he is registered with the concerned authorities. 
   (c) The builder has a convenient payment plan. 
   (d) Importantly the builder has the CC i.e. commencement certificate. CC means the builder is not involved in any legal hassle and can continue with the construction work and it prevents the risks of frauds.   
   The lender Banks/NBFCs might not fund you if they find any deviations from approved plans, disputes between landowners and builders, disputes on the Land Title, and lack of approvals from govt. authorities, etc. It is therefore required that you hire a competent property lawyer before investing in any under construction property and seek his guidance for the property title search.
   
7. There is no tax benefit available for under-construction property. You can claim the income tax benefits once you get the possession of the property. The interest paid during the pre-construction phase can be availed for deduction in the five equal instalments while there is no tax benefit available on the principal repaid.

If you want to know more about home loans on under-construction property, speak to our expert on 9321020476 or visit us on https://www.loanfasttrack.com/.

Loanfasttrack is a Mumbai based loan provider company into market since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans and loan transfers.

Loanfasttrack also helps you to find the best bank for home loan, to get you an instant loan in Mumbai, instant personal loan in Mumbai & business loan in Mumbai, to get you the lowest home loan rates in Mumbai, makes you qualify for the maximum loan against property eligibility & assured low interest rates for loan against property in Mumbai and to get you a low cost home loan balance transfer.

STOP BEING FOOLED; here is a quick guide to know all costs associated with home loan. Read “ https://www.loanfasttrack.com/blog/blog/finance/must-know-all-costs-in-home-loan/ ”

Looking for a land loan? Here it is everything that you should know about – before purchasing land and before going for a land loan.

To build a dream house of your own with your specifications and requirements with modern amenities along with gardening, lawn with a swing char, duplex bungalow with 5 bedrooms, indoor pool, mini theatre, and to your countless imaginative specifications need a piece of land/plot to erect your house of dreams. Owing a land to construct your house is not very easy especially when you are dwelling in a metropolitan city like Mumbai. There actually exists limited scope for horizontal expansion for real estate due to the scarcity of land resource availability, and hence many times our dreams don’t realize in reality. But, with a note “One day you will make your dream come true”, you move on thinking to make one such investment inland in the future to fulfill your dream.  Sounds exciting, but remember the decision to buy a land comes with its own merits and demerits.

Here is what you should know before considering buying land.

1) Choice and selection of the plot /land for investment make a lot of difference with reference to its location, accessibility, road connectivity, water & electricity supply, sewer and drainage systems, neighborhood – markets, hospitals, power stations, etc. and as well as the shape and direction of the plot. If not chosen and considered correctly, an investment inland would be a dead investment as there would be no future scope for appreciation in the land prices.

2) The FSI for the /land plot – it is important that you understand the concept of FSI for land purchase. FSI means maximum area allowed for construction on the piece of land which largely depends on the location of the land. The other related aspects that determine FSI are land carrying capacity, solid waste disposal, road connectivity, adequacy of water supply. FSI varies from state to state and region.

3) Investment in land is feasible for those looking out for construction of property on that piece of land. Although appreciation in the value prices of land is profitable over years it does not source income until the land is sold or developed & constructed. Till such a holding period, the investment on land is a dead investment. On the other hand investment in house generates a regular flow of income for you when it is rent out. A regular per month rent + appreciation in the value of the house price equals the overall appreciation gained on the land investments over the years.

4) Ensure that there is no legal dispute on the land you wish to acquire. Legal disputes such as plot are not NA plot i.e. the land is agricultural land, the land is already mortgaged or is pledged multiple times, the land is being sold to more than one buyer, the land claim of legal heirs, the land has been notified for govt. projects or special purposes, land boundaries, litigations on land, etc. are very important, to ascertain that the land is free from any encumbrances and has a free marketable title.

5) Remember by default all land in India is defined as agricultural land unless it’s defined for some other purpose by the government. There are different types of NA like NA – commercial, NA – residential, NA – warehouse, NA – resort, NA – IT. An NA plot of a particular type can be used only for only that particular defined structure which means and NA – warehouse plot cannot be used for making residential schemes and sell to the common-man; it can be used only to build a warehouse for commercial purpose.

6) Taking into account the scarce availability of land, the investors search for a piece of land beyond the boundaries of the city corporation limits. The investment made in an outskirt plots needs timely surveillance and proper fencing/boundary with an ownership board pointing towards the ownership name of the plot to avoid trespassing, as an empty plot is an easy target for the trespassers for illegal occupation.

It is therefore important that you purchase land that can easily be surveillance by you or your families.

7) Ensure that the seller of the plot/land be it builder or the individual owner or at times both being the joint owners has the legal rights to sell the land.

8) Ensure that the land documents are legal and complete. If required sought the help of the lawyer to be sure of the documentation and its title clearance. At the time of purchasing the land ensure that the land transfer documentation is complete. Important documents to look for are:

i) Title Deed: check if the title deed is in the name of the land seller and that he has a full right to sell it. Insist on looking at the original and not just a photocopy.

ii) 7/12 Document: is a revenue document showing the title, ownership, occupancy, liabilities, and rights pertaining to the land. It mentions how the land moved from one owner to another in the last 30 years.

iii) 6/12 Document: is a document showing the past transactions i.e. the record of change in ownership of land.

iv) Conversion Certificate (popularly known as DC conversion certificate): is issued by Deputy Commissioner (DC) certifying that the property is converted from agricultural land to a residential property.

v) Encumbrance Certificate (EC): it is a record that shows all registered transactions pertaining to a property in a particular time period. EC is helpful in ensuring a clear and marketable title of the property. Normally the EC is for 13 years, but for buying a property it is suggested that you ask for 30 years EC.

vi) Land Use Certificate: it verifies that the land is not in the commercial, industrial or agricultural zone.

vii) Release Certificate: it is a certificate from the bank stating the loan on the land has been completely repaid and the land is no longer pledged. In the case of joint owners of the land, ask for a release certificate from each owner to be sure that no single owner has pledged his share of land.

viii) 8/A Extract: this booklet contains the details of payment of tax, land revenue tax, types of crops grown, owner’s name, etc.

ix) Land Survey Sketch: land surveying is commonly used to establish the legal boundaries for land/plots. It is required of you to hire a certified surveyor to certify the boundary of the land that can match the actual dimension with the approved sketch from the survey department.

x) Original tax receipts and other bills relating to the plot.

xi) Approval documents by the city development corporation verifying that the plot/land is approved by them.

Knowing the fact that legal cases on lands can go on for decades, make every possible inquiry for the land and its legal formalities & documentation. You may hire a local competent lawyer who is well versed with all local laws who can help you in the land transactions without facing any legal trouble.

9) A land investment attracts the wealth tax equal to 1% on the net worth exceeding 30lakhs after adjusting the debts, for the land more than 500 sq meters.

10) Land purchasing requires maximum own contribution to an extent of 30% of the value of the land deal since plot funding by financial institutions like Banks & NBFCS provides a maximum loan of 70% only.

To sum up the important points for buying land:

• NA plots with clear titles are limited and scare and often you will have to pay a good price for it.
• Do not hurry to make a deal. Be patient and don’t fall prey to the sales tactics of the salesman. Make your own study, visit the plot, check the documentation, check the nearby development, look out for the main features of road connectivity, water supply,
• Talk to the local people nearby on the points that concern you, like plot pricing, land approvals, ownership, etc. Also search for the project and other related matters with respect to its geographical position, accessibility, etc. online to match the features as described by the plot/land seller.
• Make more than one visit to the plot – especially one when your salesperson is not on the site, this might source you additional information on the plot which might be new to you.
• Never settle for the sales price offered by the land seller. There is always a room for bargaining in India.
• At times soil test is important to be carried out especially if you are buying a piece of agricultural plot, just to be sure what crops can be grown on the field.
• Before finalizing make sure for our arrangement of funds as our own contribution to the land purchase is high (30%).
• For the rest 70% funding, it is advised you approach the lender Banks/NBFCS prior hand, as there are not many lenders who provide land loans and those who provide has its own set of guidelines towards the funding norms against the land.

To know more about funding on land lets learn more about land loans.

What Is Land Loan?

A land loan is financing that allows you to purchase a piece of land or plot wherein the land has to be within the hub locations limit of municipality. A land that is outside the municipal limits but allocated by the development authority is also eligible to qualify for a land loan. A land loan is sanctioned only for the purchase of a residential piece of land or plot. It is also referred to as plot loan.

Like any other loan, the land loan is also repaid in EMIs and is availed for maximum loan tenure of 15 years. The lender charges the interest rates on the principal loan amount availed by the borrower. The rate of interest for land loans is higher in comparison to a typical home loan, reason: land loans are considered riskier transactions by the lender because it is complicated to figure out the worth of the land as there is no property collateral as it is in home loan/ loan against property and also it is non-revenue generating asset which concerns the lender about your EMI repayment

 Types Of Land Loan

There are basically two types of land loans, both being different with respect to features, benefits and terms and conditions.

1) Land Loan / Plot Loan

 A loan is taken only to purchase a vacant residential piece of land/plot for the purpose of investment or which can later be used to construct a house in the future.

2) Land Loan + Construction Loan / Plot Loan + Construction Loan

Also called a composite loan, is the loan taken to purchase a vacant residential piece of land/plot and to construct a house on the property within the stipulated time period. The stipulated time period varies from lender to lender.

It is important to note that all land loans are sanctioned with a pre-condition that construction on the land/plot should commence within the stipulated period. But inland loan it is only a pre-condition to sanction a loan, you can avail a construction loan in future to construct a house on that land, while in the composite loan the cost for construction gets included in the value of the loan. But be careful, the noncompletion of the construction on the land within the stipulated time frame as that stated on the sanction letter by the lender, the lender may charge you with a penalty for non-commencement of construction. The penalty can be imposed in either of the ways:

1) You may be asked to pre-pay and close the loan.

2) Your lender may increase your existing land loan rate of interest, maybe up to 2% over and above your existing rate.

Eligibility Requirements For Land Loan

You are required to meet the eligibility criteria of the lender. The eligibility criteria for land loans are similar to home loan eligibility. The most common factors that the lender will look into are:

1) Nationality: You should be a resident of India.

2) Age: You should be between 21 to 70 years of age.

3) Income and Work Experience: you could be salaried or self-employed but must be with a regular flow of monthly income. Your job stability and work experience reflect your continuity in the income flow.

4) Credit Score: your average credit score required would be 750 and above.

Tax Benefits On Land Loan

There is no income tax benefit available for land loans. However, the tax deduction can be availed only for the loan amount taken against the construction and only after the construction of the property. Any interest paid before completion of construction cannot be claimed as pre-EMI interest like that in the home loan.

Irrespective of being another loan product people still consider the land loan to be the same as home loan though they significantly differ with each other. The following differentiation table highlights the difference between the two.

Documents Required For Land Loan

• Application form duly signed by applicant and co-applicant.
• Recent passport size photograph of applicant and co-applicant.
• Pan card copy of applicant and co-applicant.
• Residence proof – electricity bill and Aadhar card copy of applicant and co-applicant.
• Income documents for salaried:
• Latest 5 months salary slips.
• Latest 6 months bank salary account statement.
• Latest 2 years form 16.
• Latest 1-year bonus copy.
• Income documents for self-employed:
• Latest 3 years ITR copy of the applicant along with the salary copy, balance sheet, profit & loss account and capital account- duly certified by CA along-with membership no. and USDIN no.
• Latest bank account statements of all accounts (current + savings).
• Latest 3 years from now. 26AS.
• The latest copy of GST returns – 3B form.
• Latest 1-year debtors and creditors statement duly certified by CA.
• Other documents:
• Business profile on company letterhead.
• Business proof- GST registration, Ghumastha or Aadhar Udyog.
• For Legal documents refer to point no.8 above inland purchasing.

To know more about a land loan, home loan in Mumbai, home loan transfer and home loan rates in Mumbai visit https://www.loanfasttrack.com/.

Loanfasttrack is the best online platform to choose among the best bank for a home loan to secure a low-cost housing loan in Mumbai, mortgage loan in Mumbai and instant personal loan in Mumbai.

Loanfasttrack is a specialized loan provider in Mumbai markets with its existence in the online market since 2015. It offers loan services in Mumbai – instant loan in Mumbai, loan against property in Mumbai, business loan in Mumbai, unsecured business loans, personal loan in Mumbai, home loan, home loan balance transfer, car loan, top-up loan & loan transfers.